Allianz Annual Report 2012

Annual Report 2012 Allianz Group 131 Changes in segment structure, presentation and accounting policies In 2012, ­Allianz Group changed its structure. We imple- mented an additional business division – Insurance ­Iberia & LatinAmerica,Legal & Compliance,Mergers & Acquisitions – and changed the segment Asset Management, which con- sists of two major distinct investment management busi- nesses, PIMCO and ­AllianzGI, operating under ­Allianz Asset Management (AAM). Effective 1 January 2013, we introduced the new combined region – Belgium, Netherlands and Luxembourg. Changes in the Board of Management since 1 January 2013 are summarized on page 108. There have been no material changes in our presentation and accounting policies in 2012. Effective 1 January 2013, in particular the amendments to IAS 19 will result in material changes. For further details, please refer to note 4 to the consolidated financial statements. In addition, all restruc- turing charges will be presented within the operating ­profit effective 1 January 2013. For further details, please refer to note 6 to the consolidated financial statements. Other parts of the Group Management Report The following information also forms part of the Group Management Report: −− Statement on Corporate Management pursuant to § 289a of the HGB starting on page 69. −− Takeover-related Statements and Explanations starting on page 71. −− Remuneration Report starting on page 74. 108 Our steering C Group Management Report Management Discussion and Analysis 122 Business Environment 124 Executive Summary of 2012 Results 132 Property-Casualty Insurance Operations 140 Life/Health Insurance Operations 148 Asset Management 152 Corporate and Other 154 Outlook 2013 and 2014 166 Balance Sheet Review 175 Liquidity and Funding Resources 182 Reconciliations